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Shelton Canada Corp.

Shelton Reports Record Third Quarter Results

Calgary, Canada (ots/PRNewswire)

Shelton Canada
Corp.("Shelton" or the "Company") (TSXV symbol "STO") is  pleased to
announce record consolidated revenue from operations of CDN$4.548
million for three months ending Sept 30, 2008 and CDN$9.178 million
for the nine  months then ended as compared to CDN$1.086 million and
CDN$1.129  million from continued operations for the three and nine
months ending  August 31, 2007. In addition, consolidated net income
for the Third quarter  was a record CDN$542,033 and CDN $981,519 for
the nine months then ended  versus net (loss) of (CDN$105,677) for
the third quarter ending August 31,  2007 and (CDN$554,258) for the
nine months then ended. The significant  improvement in revenue and
net income reflects Shelton's continued successful  expansion into
Ukraine.
Highlights for the third quarter ended September 30, 2008:
  • Revenue for this quarter increased to a record CDN$4.548 million compared to CDN$1.085 million for the third quarter ending August 31, 2007 from continued operations.
  • The Company reported record net income of CDN$542,033 for the third quarter as compared to a (loss) of (CDN$105,677) for the quarter ended 2007.
  • The Company continued to strengthen the balance sheet for the quarter ending September 30, 2008 with a working capital surplus of CDN$2,752,396 as compared to a working capital surplus of CDN$1,129,537 for the thirteen months ending December 31, 2007
The Company changed its fiscal year from November 30 to December
31,  effective December 31, 2007. For the purposes of this news
release,  comparisons are made to the three and nine month period
ending September 30,  2008 and August 31, 2007 from continued
operations. These periods have not  been audited or reviewed by the
Company's external auditors. Readers are  advised to take this
limitation into consideration when reviewing the  comparative
information for the three and nine months ending September 30,  2008
and the three and nine months ending August 31, 2007 from continued
operations.
About Shelton Canada Corp.:
Shelton Canada Corp. (http://www.sheltoncdn.com), a
Canadian-based junior  oil and gas company, is focused on exploring
and developing the resource-rich  basins of Ukraine. The company has
an internationally experienced board of  directors and a long history
of successful operations in Ukraine. These  competitive advantages
have helped Shelton to build effective personal  relationships,
strategic regional partnerships, and a large land position and  a
portfolio of projects on and offshore. Shelton's long-term goals are
to  become the leader in oil and gas production from the
resource-rich Azov and  Black Sea basins in five years.
Forward-Looking Information
Except for statements of historical fact relating to the company,
this  news release may contain certain "forward-looking information"
within the  meaning of applicable securities law including opinions,
assumptions,  estimates and management's assessment of future plans
and operations,  budgeted capital expenditures and funding thereof,
wells to be drilled,  timing of drilling of wells and expected
depths, budgeted cost of wells,  commencement of production from
wells and year-end production rate. Forward- looking information in
this news release is characterized by words such as  "plan",
"expect", "project", "intend", "believe", "anticipate", "estimate",
and other similar words, or statements that certain events or
conditions  "may" "will" or "could" occur. There are uncertainties
inherent in forward- looking information, including factors beyond
Shelton's control, and no  assurance can be given that such events
will occur on time or at all. Any  number of important factors could
cause actual results to differ materially  from those in the
forward-looking statements including, but not limited to,  risks
associated with oil and gas exploration, development, exploitation,
results from testing, production, marketing and transportation, the
volatility of oil and gas prices, currency fluctuations, the ability
to  implement corporate strategies, the state of domestic capital
markets, the  ability to obtain financing, incorrect assessment of
the value of  acquisitions, failure to realize the anticipated
benefits of acquisitions,  changes in oil and gas acquisition and
drilling programs, delays resulting  from inability to obtain
required regulatory approvals, delays resulting from  inability to
obtain drilling rigs and other services, delays in tie-in-
operations, results from testing, environmental risks, competition
from other  producers, imprecision of reserve estimates, changes in
general economic  conditions and other factors more fully described
from time to time in the  reports and filings made by Shelton with
securities regulatory authorities.  Specifically with regard to the
net income which is attributable to Shelton  from the Kashtan Joint
Venture all of it has been to date reinvested into  exploration,
development and drilling in the Lelyaki Field. Arrangements have  now
been made to have paid directly to Shelton that net income commencing
January 1, 2009. Shelton will then allocate it appropriately. The
receipt of  these funds, however, is always subject to all of the
risk factors mentioned  above. Shelton undertakes no obligation to
update forward-looking information  if circumstances or management's
estimates or opinions should change, except  as required by law. The
reader is cautioned not to place undue reliance on  forward-looking
statements. The risks and uncertainties set forth above are  not
exhaustive. BOEs may be misleading, particularly if used in
isolation. A  BOE conversion ratio of 6 Mcf: 1 bbl is based on an
energy equivalency  conversion method primarily applicable at the
burner tip and does not  represent a value equivalency at the
wellhead.
"The TSX Venture Exchange does not accept responsibility for the
adequacy  or accuracy of this release."
For more information on Shelton visit http://www.sheltoncdn.com
For further information: For general enquiries and investor
information:  Zenon Potoczny, President & CEO, +1-416-252-4101, 
info@sheltoncdn.com

Contact:

For further information: For general enquiries and investor
information: Zenon Potoczny, President & CEO, +1-416-252-4101,
info@sheltoncdn.com